The management was facing charges of taking deposits from investors. The company was represented by Phillip Shumba of Mutendi and Shumba Legal practitioners.
McDowells appeared before provincial magistrate Timeon Makunde and pleaded guilty. The State led by prosecutor James Nyamapfeni heard that McDowell’s International was operating without licence and taking deposits.
McDowell’s license was canceled by the Reserve Bank last month for taking depositors’ funds.
According to the Reserve Bank of Zimbabwe most moneylenders were in violation of the Banking Act (Chapter 24:20) as they were involved in banking activities. Anyone found guilty shall pay a fine, face imprisonment or both.
Post published in: News